The new national pastimes are calling the top of the stock market, commenting on Middle Eastern affairs – and buying dips.

Stocks have shown remarkable resilience as investors snap up any drop in prices, even in the face of what seem like considerable risks – an overbought market and a still potentially explosive situation in the Middle East.

Confidence in the economy, strong earnings, and inflows into equities from bond funds have been enough to push indexes to new highs on an almost daily basis.

Bond funds have seen three months of outflows. In that time $23bn moved out of bond funds and $16bn moved to equity funds.